Economics
Restating the '90s
We now have enough perspective to look back at the last decade and assess what was real--and what wasn't
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Conjure up the economic gains of the 1990s, and what comes to mind? Perhaps it was how the stock market ruled: All those initial public offerings that raked in unprecedented billions for venture capitalists. Or the dramatic rise in 401(k)s and mutual funds. Or the growing ranks of the Investor Class who cashed in big-time as the Standard & Poor's 500-stock index quadrupled.
And wasn't it a great time to be a top manager, with productivity gains boosting the bottom line and igniting executive pay? While it was going on, venture capitalist L. John Doerr called the boom the "largest single legal creation of wealth in history." For both investors and managers, it seemed like nirvana.